Sold! FitzPatrick acquisiton complete

Mar 31, 2017

The transfer of the FitzPatrick Nuclear Power Plant to its new owner is officially complete. Exelon, which owns and operates the nearby Nine Mile Point Nuclear Facility Exelon, announced Friday that its negotiations with Entergy are done. The company bought the Oswego County plant last summer for $110 million. 

FitzPatrick had been hemorrhaging money because of competition from natural gas. Entergy said the plant was losing the company about $60 million annually, so they moved to decommission it. But New York regulators stepped in to prevent its closure, passing a comprehensive clean energy plan that will  the state's financially struggling nuclear plants, including FitzPatrick, with subsidies that are scheduled to kick in tomorrow. 

“We applaud Governor Cuomo and his administration for their vision and leadership in adopting the Clean Energy Standard, which made possible this agreement that has saved thousands of jobs, brought reinvestment of hundreds of millions of dollars and positioned New York as a national leader in clean energy," Exelon President and CEO Chris Cane said in a press release. 

Many regional officials are celebrating the completed acquisition that will keep the plant's 600 employees on the job.

“After over a year of uncertainty, I am thrilled with today’s news that the sale of the FitzPatrick Nuclear Power plant has been finalized," New York Rep. John Katko (R-Camillus) said in a statement. 

In the announcement, Exelon said it does not anticipate any changes in staffing levels at this time. Local IBEW 97 labor union president Ted Skeron​, whose union represents workers from FitzPatrick, said all of his members will be afforded employment with Exelon.

Still, the subsidy program supporting the deal may be in jeopardy. The New York State Assembly has proposed a one-house budget that would halt the program until they can hold a hearing with state officials. And several pending lawsuits also threaten the plan.